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Friday, February 19, 2016
19.2 Bonds
Interest rate (%)
(in millions of euros) nominal effective
Maturity December 31, 2015 December 31, 2014
€750 million (March 2010) 4.000% 4.15% Mar-17 750 750
€700 million (December 2009) 4.875% 4.95% Dec-19 700 700
€500 million (December 2009) 4.250% 4.39% Dec-16 500 500
Nominal value of bonds 1,950 1,950
Bonds denominated in euros are listed on the Luxembourg Stock Exchange.
Bonds issued by Vivendi SA contain customary provisions related to events of default, negative pledge and rights of payment (pari-passu
ranking). In addition, bonds issued by Vivendi SA contain an early redemption clause in case of a change in control if, as a result of any such
event, the long-term rating of Vivendi SA is downgraded below investment grade status (Baa3/BBB-).
19.3 Bank credit facilities
Vivendi SA has a €2 billion bank credit facility, undrawn as of December 31, 2015. On October 30, 2015, the maturity of this credit facility
was extended for one year, to October 2020.
This bank credit facility contains customary provisions relating to events of default and covenants relating to negative pledge, divestiture and
merger transactions. In addition, at the end of each half year, Vivendi SA is required to comply with a Proportionate Financial Net Debt 2 to
EBITDA 3 financial covenant over a 12-month rolling period not exceeding 3 for the duration of the loan. Non-compliance with this covenant
could result in the early redemption of the facility if it were drawn, or its cancellation. As of December 31, 2015, Vivendi SA was in
compliance with its financial covenant.
The renewal of Vivendi SA’s confirmed bank credit facility when it is drawn is contingent upon the issuer reiterating certain representations
regarding its ability to comply with its financial obligations with respect to loan contracts.
In addition, on March 4, 2013, a letter of credit for €975 million, maturing in March 2016, was issued in connection with Vivendi’s appeal
against the Liberty Media judgment (please refer to Note 23). In July 2015, its maturity date was extended to February 28, 2018, This letter of
credit is guaranteed by a syndicate of international banks with which Vivendi signed a Reimbursement Agreement that includes an undertaking
by Vivendi to reimburse the banks for any amounts paid out under the letter of credit. On July 16, 2014, Vivendi strengthened the guarantees
given to the banks that are parties to the Reimbursement Agreement by placing a cash deposit of €975 million in an escrow account. This
cash deposit could be used in priority against a claim made against Vivendi, if any, and if the banks were called with respect to the letter of
credit.
19.4 Borrowings by maturity
(in millions of euros)
Maturity
December 31, 2015 December 31, 2014
< 1 year (a) 635 30% 244 11%
Between 1 and 2 years 762 36% 505 23%
Between 2 and 3 years 2 - 750 34%
Between 3 and 4 years 700 34% - -
Between 4 and 5 years - - 700 32%
> 5 years - - - -
Nominal value of borrowings 2,099 100% 2,199 100%
a. As of December 31, 2015, short-term borrowings (with a maturity period of less than one year) mainly included Vivendi SA’s bonds for
€500 million, maturing in December 2016, as well as bank overdrafts for €53 million. As of December 31, 2014, they mainly included bank
overdrafts for €168 million.
As of December 31, 2015, the average “economic” term of the group’s financial debt, pursuant to which all undrawn amounts on available medium
term credit lines may be used to redeem group borrowings with the shortest term was 4.6 years (compared to 4.9 years at year-end 2014).
2
Relates to Financial Net Debt as defined by Vivendi.
3
Relates to EBITDA as defined by Vivendi, plus dividends received from unconsolidated companies.
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi /83